Biz Watch

Gimme Shelter
Life just got tougher for tax cheats. Last week the E.U. finally made good on a 14-year effort to stop savings-account tax evasion by Europeans. Under the compromise, most governments will share information about nonresident savings, allowing home countries to tax Europeans who shelter money in
low-tax havens such as Luxembourg. (The deal went through after Italy lifted its veto in exchange for a reprieve for Italian dairy farmers who exceeded E.U. milk quotas.) It's especially significant in countries like Germany, where an estimated €300 billion has left for tax havens. There are exceptions...